The mad science of drilling the earth with Austin Vernon

Patrick McKenzie (patio11) is joined by Austin Vernon, a petroleum engineer, to discuss the technology and economics of fracking. Austin explains the evolution of drilling technology, the financial ecosystem supporting the oil industry – including the unique "doctor and lawyer money" funding model – and the complex interplay of mineral rights laws and state/local politics in the United States. Patrick and Austin also discuss the cross-pollination of technologies between fracking and emerging fields like geothermal energy extraction.

–

Full transcript available here: www.complexsystemspodcast.com/fracking-austin-vernon/

–

Sponsors: Safebase

Ready to save time and close deals faster? Inbound security reviews shouldn’t slow down your team or your sales cycle. Leading companies use SafeBase to eliminate up to 98% of inbound security questionnaires, automate workflows, and accelerate pipeline. Go to safebase.io/podcast

–

Links:
Austin Vernon's Blog: https://austinvernon.site/

–

Twitter:
@patio11

@Vernon3Austin

–
Timestamps:

(00:00) Intro

(01:38) Fracking technology and horizontal drilling

(05:12) The history and development of fracking techniques

(12:26) Communication methods in drilling operations, including mud pulse technology

(15:50) The economics of drilling operations

(17:28) Scale and cost comparisons between different types of drilling projects

(19:30) Safety considerations in onshore vs offshore drilling

(20:50) Sponsors: WorkOS | Check

(24:04) Discussion of small-scale "mom and pop" oil operations

(27:13) The impact of oil drilling on local economies

(31:45) The lifecycle of fracked wells and their long-term production

(36:15) Financing in the oil and gas industry

(39:19) Unique aspects of US mineral rights laws and leasing practices

(42:38) The process of setting up and funding new drilling operations

(52:55) Environmental concerns and groundwater protection measures in fracking

(56:40) The physical footprint of drilling operations

(59:12) Learning curves in fracking and geothermal energy extraction

(59:56) Diamond drill bits are not quite forever

(01:03:59) Where fracking goes from here

–

Complex Systems is part of the Turpentine podcast network.